According to a report on Feb. 21, Deutsche Bank (ETR:DBKGn) Singapore and Memento Blockchain have successfully completed the proof-of-concept phase of Project DAMA (Digital Assets Management Access), designed to facilitate the management of digital funds investing in tokenized securities. Per the report, asset managers were able to create a digital asset fund with its own soulbound token and launch a direct fiat-to-digital on-ramp for users. Institutional investors could then subscribe to the fund through the direct minting of tokens, via a decentralized exchange aggregator or through a built-in marketplace.
As the first step, Deutsche Bank and Memento Blockchain created a decentralized finance (DeFi) platform on Ethereum and a unique, non-transferable soulbound token (SBT). Using the SBT, platform developers could then verify the identity of the wallet owner and grant them access to investment opportunities without requiring their personal information each time. Meanwhile, a trust anchor keeps Know Your Customer (KYC) checks and accompanying documents off-chain. The SBT could also be used to restrict access to services or products that do not match the underlying users’ risk tolerance or experience.